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With China's government says is research and evaluation by the international monetary fund and the European stability mechanism to participate in solving the more debt crisis, RMB internationalization problems caused by public opinion again overseas attention. Many well-known American economists expressed, RMB internationalization is the trend of The Times, but will experience a long and tortuous process of change, in this period, the international community in particular the United States the from all walks of life should be a rational view the RMB exchange rate.
The yuan is expected to ten years into international reserve currency
China is now the world's second largest economy, and is NFL Hats the main driver of world economic growth. However, the six economies are global currency only bear no international reserve assets of currency. The people pay more and more attention to a problem is, the yuan's international position will ever be caught up with China's economy in the international status. The United States trade policy at Cornell university professor and former senior international monetary fund research financial research and in China of purusha DE has to make a prediction: "in the next 10 years, the yuan will be very close to the free convertibility of the international discount nfl jerseys reserve currency." But he also thinks that RMB internationalization will experience a hard and tortuous process.
Purusha DE said, with China's economy scale and in the growing proportion of international trade, the yuan also gradually toward internationalization. In recent years, the Chinese government adopted a series of measures to promote the steady in international circulation, including allowing the use of foreign trade settle accounts, relax to settlement for the purpose of cross-border RMB remittance control, allow foreign capital bank in China and the issuance of RMB bonds with foreign central Banks for currency swaps business (refers to buy or sell in spot foreign exchange at the same time, sell or buy and forward exchange editor's note), etc. But, purusha DE think, RMB internationalization process in will inevitably faces two big challenge: one is the capital controls and the yuan cannot be exchanged for sex; 2 it is China's financial market development of relatively weak and lag.
Purusha DE, says that although the rapid development of China's economy will help promote the internationalization of the yuan, but China's financial market development degree, will get a reserve currency is limit the status of the main factors.
Morgan Stanley Asia area the executive chairman, renowned economist Stephen roach also think, RMB internationalization is a gradual process, the formation mechanism of exchange rate reform is China's overall economic transformation of the important constituent, its and expanding domestic demand, increasing imports, improving national income and the financial market, a lot of problems are closely related.
Internalization of RMB will be a win-win situation
Along with the RMB gradually to the international reserve currency transition, whether or not the RMB will replace the status or even beyond $has become a topic of concern. Purusha DE think, the yuan will be in the next five years to become the international monetary fund Special Drawing Rights of one of the currency, 10 years to become one of the international reserve currency, and to a certain extent started to influence in the international financial system $, the dominant position, but not instead. Purusha DE said, in fact, the international monetary fund welcome and need to China to play a greater role.
Former vice chairman of the federal reserve, the bank of England's finance committee Donald Cohen stressed that the yuan to the Chinese and the internationalization of the United States and it is a win-win situation. Mr Cohen said, some American politicians to RMB problems exist contradiction mentality. On one hand, they hope to RMB internationalization "as soon as possible, and realize the convertible, which helps promote exports to the United States. On the other hand, they also worried that the yuan once become major global reserve currency, will replace dollars in the international monetary system in the leading position, and then threaten America's global power. In fact, RMB internationalization is not only in the China's own interests, but also beneficial to the United States and the international financial system. The yuan as the world main traded currencies and the reserve currency, although can't solve all the economic problems, but there was no doubt that will help to realize the balance of the world economy again. Therefore, the United States should be actively support RMB gradually moving towards the internationalization, so as to realize the win-win.
Cohen and points out that as the global reserve currency, enjoy the convenience and privilege in at the same time, also want to assume corresponding responsibility and the price. In the process of RMB internationalization, China benefit from and obligation coexist.
The United States should not be politicized the Chinese yuan
For a time, in the American economic recovery fatigue and presidential elections under the background of the political temperature, the domestic accused the RMB exchange rate the roar of the unknown. Part of the United States congress tried to push through sanctions aimed at the RMB exchange rate of China's bill, seeking their party's nomination republican presidential candidate in the currency "ambitious measures malicious", while Obama government also repeatedly will exchange put pressure on China. Economists generally expressed concerns. Long-term studies of the economic problems in the roach points out, the two parties should not be riveted on RMB problems do not put, more should not take the appreciation of the renminbi as the solution to the oppression of the employment problem, "he said. He said that, in recent months, the U.S. unemployment rate reduced, this to seek reelection Obama is major of the good news. But we must be realistic, since the United States economic growth remains weak, the unemployment rate drops from month to month hard to become a sustainable trend. Roach said, solve the employment of the root of the problem is to perfect the market order and promote economic growth, can't push the responsibility to someone else's head.
The heritage foundation, a conservative think-tank senior fellow at the ShiJianDao reiterated that the currency issue in the United States is not the cause of the high unemployment rate, and the United States unemployment accused China makes no sense. For the past 30 years the traditional foundation of data contrast research shows that, the exchange rate of the yuan against the U.S. unemployment rate change does not exist any causal relationship.
Roach, points out that American politicians need to change this view China as a threat of narrow thinking, between the United States and China economic competition is not a zero-sum game, but can achieve a win-win situation. He says China has become the third largest export market, and the rapid growth of imports. The United States the problem by putting pressure on China or take punitive measures, will seriously damage the economic and trade relationship between China and the United States, the result can only be Tibet.
Cohen points out, the problems in the United States have been serious politicized. 
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